- Albany International (NYSE:AIN) is up 8% after beating consensus on both lines in its Q2 earnings results.
- Revenue of $234.52M (+3.8% Y/Y) beats by $13.73M.
- Gross profit was $101.7M with gross profit margin of 43.4%. It includes $84.60M in Machine Clothing (margin 52.9% vs. 54.5% a year ago); and $17.13M in Albany Engineered Composites (margin 23% vs. 26.7% a year ago).
- Operating income of $50M (-5% Y/Y).
- Adjusted EBITDA of $69.4M (-6% Y/Y).
- Non-GAAP EPS of $1.01 beats by $0.27; GAAP EPS of $0.97 beats by $0.24.
- "Our Machine Clothing segment continued to experience solid demand from customers across the globe. In our Engineered Composites segment, performance remains very good - particularly in light of the headwinds caused by the ongoing destocking in the commercial aerospace supply chain. We are executing well on our defense programs and preparing to meet planned increases on OEM production rates on our narrow body commercial programs," says President and CEO Bill Higgins.
- Raises FY 2021 Guidance: The company has increased its revenue guidance range to $880-$910M vs. prior guidance range of $850-$890M vs. consensus of $885.11M.
- Machine Clothing revenue is expected between $585-$600M vs. prior guidance of $570-$590M; and Albany Engineered Composites revenue of $290-$310M vs. prior guidance of $275-$295M.
- Capex to be in the range of $40-$50M vs. prior guidance of $50-$60M.
- GAAP earnings per share between $2.84 and $3.14 and Adjusted earnings per share between $2.90 and $3.20 vs. consensus of $2.94.
- Previously (July 6): Spirit AeroSystems and Albany International collaborate for hypersonic program